Unigroup Clears Major Hurdle in Massive Revamp

China’s Tsinghua Unigroup won backing from creditors and shareholders to advance a restructuring plan that will bring in strategic investments of 60 billion yuan ($9.42 billion) to restructure the debt-ridden chip conglomerate.

Creditors representing more than 90% of outstanding claims voted in favor of the draft restructuring proposal during a second creditors’ meeting Wednesday, Unigroup said.